EXASPERATED parents are handing over thousands of pounds to encourage their grown-up children to fly the nest and take their first step on to the property ladder.

According to the Skipton Building Society, mums and dads spend an average of £8,000 helping their twenty-something children to leave home - a potential cost of £16bn nationwide.

In a bid to cut the apron strings, resourceful parents are exploring a multitude of ways to fund their children's independence.

Close to one in five (18 per cent) have dipped into their children's inheritance funds and almost a third (30 per cent) have given cash to their kids to help them on their way. A further one in five parents are willing to go into the red for their children and are considering taking out a personal loan to help them.

Other parents may not be so clued-up - so staff at Skipton's Manchester branch are holding a Parents' Evening from 5.15pm on Wednesday, to offer practical financial advice.

Sandra Torkington, Manchester branch manager, said: "There are many options open to parents. Depending on their circumstances, they could re-mortgage to free up some capital, or act as a guarantor on their child's mortgage.

"However, I'd urge people to come and talk to us to find out what's best for them."

Not surprisingly, more than a third of young adults still living at home are doing so because they like their home comforts too much, although a third (30 per cent) admit high property prices leave them with little choice.

For some, the extent to which parents are helping out their kids is causing marital friction, with close to a third of couples arguing.

Sandra Torkington added: "Rising house prices mean that many young people can't afford to leave the family home.

"Every parent wants to help their child, but it seems that some will go to great lengths to help them fly the nest."

The Skipton has created a monthly budget sheet on its website to help parents and kids alike to keep tabs on their spending.